Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1887-09-16
ATHERTON SPEAKS
In the New Hampshire Legislature, and
Denounces the Hazen Bill and Com.
mends His own.
CONCORD. n. H.. Sept. l5.

| CONCORD, N. b., Sept. 10,
In the New Hampshire House this forenoon
debate on the railroad question was resumed.
Hon. o. c. Moore of Nashua, said it had
been mutually agreed by the friends of both
bills that the debate be brought TO close
next week
! Mr.. Atherton of Nashua, who introduced
the Atherton bill, spoke in opposition t, the
Hszen bill. He said the stock ana bonds of
railroad represented Its value, the cost.
| equipment aud construction The dividends
represented how much the people were
obliged TO pay for the transportation of busi-
ness. and these payments were made by con-
sumers, each ef whom contributes his
share. This tax comes from the people and
nobody else. So long as there was honest
transaction of business and the payment of
honest dividends the railroads had an equitable
mortgage on the public. When stock was is
sued without any value, when dividends were
paid thereon, the public was compelled 10 pay
tribute for no consideration. This latter was
stock watering, yes, downright robbery, and
should be punished as grand larceny. MIR.
Burns, counsel for the Boston & Name, had
said that the stock and bonds were no repre-
sentation of the value of a railroad. 1t had
been shown that if the plan of the Boston &
Maine were carried out 1t would have
capital of over $4,000 900. Mr.. Burns
has seen one million paid out as
damages for an accident and charged il to the
construction account, and he had also seen
4S. los shares of stock of the Worcester.
Nashua and Rochester railroad divided among
few men without any consideration. Hence
it was not strange that MIR. Burns should
have had the idea he urged with 50 much
force to the committee. few years ago
Nashua had six railroad lines centering there.
Now there were but two. If the Hazen bill
passed competition would be destroyed. Her
citizens wanted competition and to secure it
they had expended large sums of money.
5 Jme eighteen yeas ago it was urged that
by the construction of the Nashua and Roch-
ester it would form part of great trans
continental line. The accounts were so
growing that Nashua put in 1924, 600 The
road was built but the business did not prove
as good as was expected Its stock in 1873
tell to eighteen dollars per share. In 1888
both lines consolidated by consent of tle leg
islature. In 1854 MIR. Sinclair was elected
! director and kept on buying stocx, doing, as
he testified, all he could to keep the stock
down. October 5, 1885, he went before the
| Nashua city government and offered par for
its shares, and the following day his PROPOSE
ton was accepted and he paid the money
| The speaker then went on 10 say that the
| Boston and Lowell never operated a rod of
road in New Hampshire legally and they
know it, and yet they asked the legislature to
ratity the lease of the upper roads. The
Boston and Name knew when it leased the
upper roads of the Lowell that it was acting
illegally, as il had decision of the supreme
court 10 the Dow case staring it in the face.
Last year, as shown by the report of the rail
road commissioners, there were sixty nine
railroad accidents in New Hampshire, SO in
! lines operated by the Lowell There were
| 90 fatalities, IA on the Lowell OF the
| l,025 miles of road in the State the Lowell
operated but 42l These figures do not show
that there was good management. Although
the bookkeeping of the road was apparently
good, from 1880 to 1887 its Indebtedness had
been increased $6,659,3 The object for
increasing his indebtedness was for stock
manipulating purposes.
The bill introduced by the speaker provid
ed for union of the Concord and the Boston, 4,
Concord and Montreal into one line and for
leasing the Northern and its branches. If
there was any stock-watering scheme in it, if
pointed out. he would offer an amendment to
prevent 1t. BY uniting the Concord and
Montreal the surplus of the former would not
be divided and the people of the upper sec
tons of the State would continue to have the
use of it. The combined stock of both roads
would be only six millions while the property
would actually be worth ten millions He
believed in strong New Hampshire system
honestly managed as the Concord road had
been. Parallel lines should not be consoli-
dated because it destroyed competition.
If the statement made in Boston paper
that Frank cones was the Boston & Name
railroad were true, then Frank Jones would
be the State of New Hampshire if the Hazer
bill passed. Then good by to the town meet.
ing system and good by to the fierce democ
racy of the North. Federal Office holder:
would manipulate conventions and the righ
of the people would be subordinate to the
wishes of the railroad king. AS a citizen o
the State he hoped to be preserved from any
such calamity.